World Bank cuts growth forecast

Global economic growth will probably slow to 2.7 percent this year from 3.7 percent in 2007, checked by spiraling food and energy prices and the subprime credit crisis, the World Bank said.

Oil rises amid supply concerns

Crude oil rose more than $1 a barrel as Merrill Lynch & Co and Citigroup Inc increased their price forecasts amid concern that supply from outside OPEC isn't climbing as fast as expected.

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Gasoline hits record $4 a gallon in US

US gasoline rose to $4 a gallon at the pump for the first time, threatening to further shake the confidence of consumers whose spending makes up two-thirds of the economy.

Crude oil falls back from $139

Crude oil fell in New York as traders viewed last week's $139-a-barrel record as excessive and an opportunity to sell contracts.

Rosneft says profit increased sevenfold

OAO Rosneft, Russia's biggest oil producer, said first-quarter profit surged sevenfold, beating analysts' estimates, after the purchase of production units and refineries from bankrupt OAO Yukos Oil Co.

BP chief says era of cheap fuel over

BP Plc Chief Executive Officer Tony Hayward said the era of cheap energy is over as oil production isn't rising fast enough to meet demand amid a lack of spending.

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ECB keeps key rate at six-year high

The European Central Bank kept interest rates at a six-year high yesterday to fight inflation even as the euro-region economy cools.

Discounts help boost Wal-Mart, Costco May sales

Wal-Mart Stores Inc, the world's largest retailer, and Costco Wholesale Corp said May sales climbed more than analysts estimated as shoppers flocked to discount chains to save money on fuel and food.